5 Stocks to Buy Now According to Jeffrey Gates’ Gates Capital

4. Otis Worldwide Corporation (NYSE:OTIS)

Gates Capital Stake Value: $212,931,000
Percentage of Gates Capital’s 13F Portfolio: 5.88%
Number of Hedge Fund Holders: 38

Otis Worldwide Corporation (NYSE:OTIS) is a company that makes, installs, and provides escalators and escalator services. On February 3, Otis Worldwide Corporation (NYSE:OTIS) declared a $0.24 per share quarterly dividend, in line with the previous.

Gates Capital first bought a stake in Otis Worldwide Corporation (NYSE:OTIS) in the first quarter of 2020. In the fourth quarter of 2021, the investment fund strengthened its position in Otis Worldwide Corporation (NYSE:OTIS) by buying 4,067 additional shares. This makes their stake in Otis Worldwide Corporation (NYSE:OTIS) total 2.46 million shares worth $212.93 million.

Vinit Bodas’ Deccan Value Advisors is the most prominent Otis Worldwide Corporation (NYSE:OTIS) stakeholder as of the fourth quarter, with 4.40 million shares worth $383.51 million. Overall, the Q4 database of Insider Monkey suggests that 38 hedge funds were bullish on Otis Worldwide Corporation (NYSE:OTIS).

In its fourth quarter 2021 investor letter, VGI Partners mentioned Otis Worldwide Corporation (NYSE:OTIS). Here is what the fund said:

“We also exited some core holdings during the year. We sold our OTIS position, which has been a strong performer but decided to exit based on valuation coupled with a deteriorating outlook for construction in China. China represents almost 20% of OTIS revenue but an even higher proportion of future growth; in recent months we have started to see some of these concerns play out with multiple signs pointing to a prolonged slowdown in China property construction.”